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- Central Bank of Ireland CP130 - Treatment, Correction and Redress of Errors in Investment Funds
In September 2019, the Central Bank of Ireland (the Central Bank) published CP130, a consultation paper on the proposed regulatory framework (the Framework) for the treatment, correction and redress of errors in investment funds (the Consultation). It is proposed that the Framework will apply to fund management companies acting for Irish authorised Undertakings for the Collective Investment in Transferable Securities (UCITS), Alternative Investment Funds (AIFs), Irish domiciled fund management companies acting for non-Irish authorised funds and non-Irish fund management companies acting for Irish authorised funds (each, a Fund Management Company). The deadline for submitting responses to the Consultation is now less than a month away. Dechert is currently finalising its submission to the Central Bank and continues to seek feedback from industry stakeholders for inclusion in its response.... Please see full OnPoint below for more information.
- Irish Data Protection Commission Issues Guidance On Right Of Access Under GDPR
Ireland’s Data Protection Commission has issued a guidance note on the right of access under the General Data Protection Regulation.
- Ireland Issues Data Breach Notification Guidance
The Irish Data Protection Commission has issued guidance on data breach notification under GDPR. Key takeaways: A personal data breach is a security incident that negatively impacts the confidentiality, integrity, or availability of personal data, with the consequence that the controller is unable to ensure compliance with the principles for processing personal data as outlined in Article 5 of the General Data Protection Regulation.
- Irish Data Protection Commission Issues Guide To Data Protection Impact Assessments
We heard recently from French Data Protection Authority CNIL on the topic of Data Protection Impact Assessments (DPIAs). Now, Ireland’s Data Protection Commission has issued its own Guidance Note on DPIAs under The General Data Protection Regulation.
- Littler Global Guide - Ireland - Q3 2019
The Supreme Court of Ireland recently examined the extent of the obligation on employers, under Irish Employment Equality legislation, to put in place “appropriate measures” to adapt a place of work to reasonably accommodate disabled employees.
- EU/UK trade and customs relationship in the new N. Ireland protocol
The EU-UK agreement reached on 17 October 2019 ("Agreement") revises the Irish backstop with a new protocol on Ireland/Northern Ireland ("NI protocol").
- Irish Data Protection Commission Clarifies Its Role In Protecting Individuals’ Rights
The Irish Data Protection Commission (DPC) does not have any power to order an organization to pay compensation to an affected data subject. In the case of administrative fines, any funds collected from these fines go to the state exchequer.
- Central Bank of Ireland Issues Deadlines for Year-End Fund Applications
On 16 September 2019, the Central Bank of Ireland (the “Central Bank”) sent a letter to the Irish funds industry outlining the timeframes for receipt of (i) new fund applications and (ii) post-authorisation amendments that have approval deadlines before Christmas or year-end (the “Year-End Letter”).
- Ireland Supreme Court Analyzes Disability Accommodation Requirements
On July 31, 2019, in the case of Nano Nagle School v Daly, the Supreme Court of Ireland delivered its decision in a long-running disability discrimination lawsuit between a paraplegic special needs assistant (“SNA”) and the school that ended her employment based on her disability. The Court’s decision provides a thoughtful analysis of an employer’s obligations to accommodate a disability and an interesting comparison to the approach under American law.
- ESMA Consults on UCITS Performance Fees – Key Considerations for Irish UCITS
ESMA published a consultation (the “Consultation”) on draft guidelines for UCITS performance fees (the “Draft Guidelines”) on the 16 July 2019. The objective of the Consultation is to obtain stakeholder feedback on the Guidelines in five principle areas, namely: 1. performance fee calculation methodologies; 2. consistency between performance fee calculation models and investment objectives, strategies and policies; 3. frequency of crystallization; 4. negative performance (loss) recovery; and 5. disclosure of performance fee models in fund documents. The Draft Guidelines will apply to UCITS in Ireland charging a performance fee. ESMA is also seeking stakeholder feedback on whether the Draft Guidelines should be extended to apply to AIFs and will consider responses to the Consultation submitted before the deadline of 31 October 2019. The Consultation is published at a time of increased investor awareness and greater demand for transparency of performance-based fee models and follows a number of reviews conducted by various regulators including IOSCO, ESMA and the Central Bank of Ireland... Please see full Publication below for more information.
- M&A Update | Inversions: The View from Ireland
On June 25, 2014, Ireland’s Taoiseach (Prime Minister) Enda Kenny and Minister for Finance Michael Noonan, among others, met with Cadwalader Chairman-elect and Corporate Group Co-Chair James C. Woolery in Dublin regarding foreign direct investment in Ireland and, specifically, the recent...
- Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles: Ireland
Central Bank Update Concerning Fund Management Company Boards The Central Bank has published a document in relation to Fund Management Company Boards including a feedback statement on CP86 and a new consultation on delegate oversight Guidance as well as publication of new...
- Pfizer to Lower Price of Enbrel in Ireland
The Irish Times reports that Pfizer will be cutting the price of Enbrel® (etanercept) on November 1st. Pfizer is cutting its price to comply with Ireland’s Framework Agreement on the Supply and Pricing of Medicines (the “Framework Agreement”), which, starting August 1, 2016,...
- Investment Funds Update: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 5, 2017: Ireland
Discussion Paper on ETFs Published by the Central Bank - The Central Bank has published this Discussion Paper about Exchange traded Funds (ETFs). It notes that Ireland is the largest European centre for Exchanged Traded Funds (ETFs), which are the fastest growing type of investment fund...
- Investment Funds Update Europe - Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 3, 2018: Ireland
Central Bank Updates AIF Rulesbook for Loan Origination QIAIFs - The Central Bank released on 14 March an updated AIF Rulebook with amendments in relation to Loan Originating Qualifying Investor Alternative Investment Funds (“L-QIAIFs”) to permit loan origination to be part of investment ...
- Littler Global Guide - Ireland - Q3 2018
Employers Caution: Out-of-Hours Emails and the 48-Hour Working Week - Precedential Decision by Judiciary or Regulatory Agency - The Irish Labour Court case of Kepak v. Gráinne O’Hara recently illustrated the risk for an employer when its employee is found to have worked...
- Irish Data Protection Commission Clarifies: GDPR Does Not Preclude Communion Photos
The GDPR that stole communion… Some schools in Ireland have been banning photographs at communion, citing GDPR. The Irish Data Protection Commission clarified in a guidance titled “Taking Photos at School Events: Where Common Sense Comes Into Play” that this is not mandated by ...
- Enforcement of Foreign Judgment or Arbitral Awards in Ireland
This is to answer the Group’s questionnaire regarding recognition and enforcement in the Republic of Ireland of foreign judgements and arbitration awards. Please see full answer below for more information....
- ICAV for Christmas!
In our January 2014 OnPoint - Yes - ICAV! Irish Minister for Finance Announces New Irish Corporate Fund Vehicle - we outlined details of the proposed new Irish corporate investment fund vehicle and the enhancements that it offered over the existing corporate fund regime....
- Irish UCITS and AIFs Permitted to Invest via Stock Connect
The Central Bank of Ireland (“CBI”) issued an update to its Q&A documents on 15 July 2015 for both UCITS and AIFMD FAQ (“Q&A”) which clarifies how Irish funds can invest in Chinese shares via the Shanghai-Hong Kong Stock Connect Scheme (“Stock Connect”). Stock Connect is a trading link...